New Service: Certificate of Insurance Management
Flashtract now offers subcontractor compliance management! ⚡
We’re committed to helping contractors minimize risk when handling compliance. With our new service, you can outsource your subcontractor compliance reviews to a dedicated specialist at Flashtract. Our specialists are Construction Risk & Insurance Specialist (CRIS) certified and experienced in the construction industry.
So, what is “FlashCOI”?
FlashCOI is a certificate of insurance management service. You simply provide your account manager with the compliance requirements that you have, and that specialist will do all the legwork and communication with your subcontractors to ensure those requirements are met. Our AEs are all Construction Risk & Insurance Specialist certified, and are all very experienced in the industry.
How does the compliance service work?
We request COIs, W9s and key documents from each new subcontractor across all of your jobs
We validate and read each document and every line from your COIs
We work directly with your subs agent to update or correct their COI so that it meets your policy requirements
We track the expiration dates and verify active coverage over the life of each project.
Why does this matter?
Certificate of insurance tracking is an essential risk management strategy that you should be using, especially in the construction industry. Construction revolves around contractor work, which means that it is high-risk compared to other industries. Companies frequently encounter overdue deadlines, disputes, substandard work, and injuries on projects. With the current way of handling COIs, your business is put further at risk due to manual errors, missed verification checks and lost documents.
How does this service benefit you?
⚡ Reduce risk by improving coverage & compliance
⚡ Minimize administrative costs by decreasing manual tasks
⚡ Lower corporate premiums by reducing costs for your carrier
Flashtract’s COI service is unique from other offerings in that it is tied directly to the billing and payment process. We’re already handling lien waivers, pay apps, and your construction documentation- and now we can make sure your subs are compliant before issuing payments and invoices.
Ready to learn more?
Schedule a chat with us, so we can answer your questions!